Mortgages

While the lender-servicer reported robust Q1 earnings, it is anticipating lower future revenue due to the tight originations environment.

Surging interest rates have pushed refinance applications down by over 70% in a year, while ARMs have doubled their share in three months.

Strong general unemployment gains, student loan deferrals and borrowers enjoying low interest rates secured in the refinance boom contributed to the positive gains.

The bank didn’t disclose which specific employees, or how many, were impacted by the announcement.

The government-sponsored enterprise has already done twice as many of these deals as it did during all of 2021.

U.S. consumers expect mortgage rates to increase substantially over the next several years, with households on average projecting rates of 6.7% a year from now and 8.2% in three years, according to a survey released by the New York Federal Reserve.

Different loan options to traditional mortgages can be costlier, lack consumer protections and leave debtors at risk of ownership disputes and loss of home equity.

Servicing gains failed to offset steep origination declines at the bank, which continues to battle allegations of racial discrimination.

While both refinance and purchase customers were banging down the doors in 2021, leading producers are already working much harder as they change up their offerings.

The gain on sale from first quarter originations increased as the bank shifted more volume share to the higher-margin channel.

Suburban pushback against a proposal that would have loosened regulations of new units in New York State led to its removal from the state budget.

But it was the second-most successful year ever for IMB originations since the Mortgage Bankers Association began collecting this data in 2008.

Vice President Kamala Harris will announce new steps designed to reduce the cost of federal home loans for Americans saddled with medical debt and make it easier for veterans to have loans forgiven, as part of a White House push to help the millions facing unpaid health care bills.

The municipality and the bank have been at odds over similar issues in the past, and no agency currently has deposit accounts with the lender.

The Eleventh Circuit Court of Appeal split hairs and said each allegation must be examined to see whether it was not covered by the National Mortgage Settlement.

Originators offered fewer high loan-to-value and lower credit-score products, but jumbo offerings increased for the 10th time in 12 months, the Mortgage Bankers Association said.

Out of all investor group types, those with the deepest pockets — property giants with 100 or more homes — tamped down their spending most at the end of last year, CoreLogic reported.

The Consumer Financial Protection Bureau argues borrowers in the case had a right to answers even if the inquiries were origination related and foreclosure litigation was pending.

The core function of the Federal Home Loan Bank System — advances to member institutions — plummeted 20% last year to $350 billion, its lowest level in 15 years. That erosion of purpose is emboldening critics, who say the Home Loan banks need to change or face irrelevance.

The new futures contracts can be used to mitigate risk on both the origination pipeline and the mortgage servicing portfolio.